When you own an income property, it’s important that you have a property manager on your side – but what does a West Palm Beach property manager actually do, and why should you spend your money hiring one?
What Does a West Palm Beach Property Manager Do?
A property manager handles several responsibilities related to the management of your rental home, including:
- Rent collection and disbursement
- Advertising your property for rent
- Tenant screening
- Holding security deposits
- Handling leases
- Taking care of complaints and maintenance issues
- Handling move-outs
- Dealing with evictions
- Managing budgets and maintaining records
- Maximizing owner income
Rent Collection and Disbursement
One of the most important things a property manager does is collect rent from tenants and give it to owners. Property managers handle late payments and late fees, and they maintain detailed accounting statements that owners can view at any time.
Advertising and Marketing Homes for Rent
A good property manager knows how to market a property and can get tenants in as quickly as possible to minimize the amount of time a home sits vacant. Every day that a property is vacant is costing you, the owner, money.
Property managers are responsible for screening tenants to make sure they’re a good fit for your property and that they’re likely to pay rent on time without causing unnecessary problems. At the same time, good property managers are well-versed in the Fair Housing Act to ensure you’re not violating anyone’s civil rights when you allow a tenant to rent your home.
Holding Security Deposits
Your property manager will set up a separate account for a tenant’s security deposit, which the law mandates landlords keep separate from other monies.
Leases are legal documents, and both parties signing them – the landlord or property manager on behalf of the landlord and the tenant – must adhere to the conditions they outline. Your property manager will make sure the lease is designed to protect your interests while allowing the tenant as much leeway as possible, which keeps everyone happy.
Taking Care of Complaints and Maintenance Issues
Your tenant won’t call you at 3 a.m. when the floorboards are creaking – he or she will call your property manager. Your property manager will address the issue, and if it’s an emergency, he or she will act immediately to preserve your interest in the property and ensure you’re not violating any safety laws or other regulations, as well as to keep your tenant safe and well-cared-for.
Your property manager will conduct thorough inspections of the property when a tenant moves out and use the funds from the tenant’s security deposit to make necessary repairs. He or she will also ensure the property is in move-in condition for the next tenant.
Dealing With Evictions
In the unlikely event that your tenant needs to be evicted from the property, your property manager will handle everything – including court appearances and providing documentation that proves the legality of the eviction.
Maintaining Budgets and Keeping Records
Your property manager will stick to your home’s budget for repairs and maintenance issues and contact you for approval when something costs more than your budget allows. Additionally, he or she will keep detailed records of everything from work orders to lease agreements so you can access all of it at any time. You can also view your financial records at any time when you’re working with the right West Palm Beach property manager (such as one who uses a property management software like Buildium, which allows owners to log in remotely and keep tabs on everything).
Maximizing Owner Income
Your property manager’s job is to maximize the amount of money you’re able to make from your rental property, and that starts with pricing the property correctly and finding the right tenants. Your manager can also suggest improvements that could raise your rental income and let you know when you should raise or lower the rent based on current market conditions when you’re between tenants.
Do You Need to Talk to a Property Manager About Your Rental Home?
We can help you find tenants, take care of your rental property and maximize the amount of profit you bring in. When you’re ready to talk to a West Palm Beach property manager about your options, call us at 561-766-2195. You’ll talk to an experienced property manager who will answer all your questions and show you how we can make a huge difference for you.